Forward Zach Randolph on Friday agreed to remain with the Memphis Grizzlies, avoiding free agency by exercising his $16.5 million option for the 2014-15 season and getting a two-year contract extension.

The Grizzlies' cornerstone player, Randolph will be part of the team's returning nucleus as it builds off a 50-win season.

Zach Randolph (AP Photo)

The extension is worth $20 million, according to media reports.

Without the deal, Randolph would have become an unrestricted free agent. Staying with the team was his first choice.

With Randolph under wraps, the team now turns to other key players. It holds an option for backup center Kosta Koufos and will decide whether backup forward Ed Davis will be a $4.3 million qualifying offer.

Randolph, who turns 33 on July 16, made the All-Star game in 2010 and 2013 to become the only Memphis player with multiple All-Star appearances.

The Randolph extension stole most of the attention on a day when the Grizzlies introduced first-round pick Jordan Adams and second-round selection Jarnell Stokes.

Adams, a 6-5 shooting guard from UCLA picked 22nd overall, could boost as offense that averaged 96 points last season. Stokes, a 6-8 forward from Tennessee and Memphis native, should provide energy and rebounding.